Dogecoin (DOGE) Leads Meme Coin Rally, Here’s Why
Dogecoin seeing bullish rally as broader meme coin ecosystem shows mixed growth patterns
The broader digital currency ecosystem is paring off the gains accrued over the past week as investors begin to take profit on their elevated portfolio. While the combined digital currency market cap is down by 2.25% to $1.22 trillion, Dogecoin (DOGE) poses major resilience to the bearish downtrend and is up by 6.17% over the past 24 hours to $0.07425.
Dogecoin joined the XRP-infused uptrend earlier in the week and has soared as high as 13.52% within that time frame. Its growth has helped reignite the meme coin rally with its core rivals Shiba Inu (SHIB) and PEPE Coin (PEPE) trailing behind. While SHIB is up by 5.29% over the past 24 hours to $0.000008371, PEPE is down by 3.71% to $0.000001695 within the same time frame.
The sentiments driving the positive rally in the Dogecoin ecosystem are notably innate seeing the consistency in retail buy-ups across the board. According to the popular on-chain analyst @ali_charts, DOGE is trying to break the $0.075 price level. If it manages to pull through, it can trigger more than 176,000 addresses that had previously acquired more than 12.3 billion DOGE tokens.
#Dogecoin is trying to break out!
Slicing through the $0.75 supply wall will trigger a 10% upswing to $0.85, where 176,000 addresses had previously purchased over 12.34 billion $DOGE. pic.twitter.com/RJw7v7q30X
— Ali (@ali_charts) July 15, 2023
The ongoing bullish run is showcased in the surge in trading volume, which is up by more than 14% overnight per data from CoinMarketCap.
Riding general market train
It is worthy of note that the current Dogecoin rally comes without interference from the influence of Elon Musk, the Tesla CEO and the owner of Twitter, known as the biggest promoter of the meme coin. The growth of Dogecoin is following the general market trend, which is more reliable to help its sustained upsurge in the near term.
The strength of the rally is further solidified in the general sentiment surrounding clear standing for most altcoins, particularly XRP, which has just been cleared by Judge Analisa Torres as a non-security.
